Across the globe, the number of people living in cities will increase to
6.3 billion by 2050, up from 3.6 billion in 2010. It is projected that
by 2025 there will be 37 megacities with populations of more than 10
million; 22 of those cities will be in Asia. According to a new report
from Pike
Research, a part of Navigant’s Energy Practice, one consequence of
this explosive urbanization will be a corresponding growth in smart city
initiatives – characterized by the integration of technology into a
strategic approach to sustainability, citizen well-being, and economic
development.

The smart city technology market will surpass $20 billion in annual
value by 2020, the study concludes.

“Over the last twelve months, the market has shifted away from being
shaped largely by technology suppliers and city developers,” says
research director Eric Woods. “Today, the market is being driven by the
enthusiasm of city leaders. Mayors and other city executives have seized
on the smart city concept as a rallying point for the technological,
commercial, and social innovation needed to meet the challenges and
opportunities facing their communities.”

Rather than a traditional technology market, the smart city should be
seen as a complex confluence of several existing markets, as well as a
driver for new, emergent solutions that span several traditional
domains, according to the report. The biggest test for the smart city
now is to show that innovative pilot projects can be deployed at a
citywide scale and replicated across cities. This will be vital to
ensuring momentum in pathfinder cities and building confidence for other
cities to embark on the same journey. It will also be necessary to
convince commercial partners and other stakeholders that these are
economically viable models that will provide long-term returns for
citizens and investors.

The report, “Smart
Cities”, examines the evolution of the smart city market, detailing
the impacts on key technology markets, including smart grids, water
management, transportation, building energy efficiency, and government
services. It also compares approaches to the smart city in North
America, Europe, Asia Pacific, and the Middle East and provides detailed
profiles of major smart city projects in each region. The report
includes forecasts of the size and growth of the market for smart city
technologies through 2020, segmented by key smart city industry sector
and by region. An Executive Summary of the report is available for free
download on the Pike
Research website.

About Pike Research

Pike Research, which joined Navigant’s global Energy Practice on July 1,
2012, provides in-depth analysis of global clean technology markets. The
team’s research methodology combines supply-side industry analysis,
end-user primary research and demand assessment, and deep examination of
technology trends to provide a comprehensive view of the Smart Energy,
Smart Utilities, Smart Transportation, Smart Industry, and Smart
Buildings sectors. Additional information about Pike Research can be
found at www.navigant.com/pikeresearch.

About Navigant

Navigant (NYSE: NCI) is a specialized, global expert services firm
dedicated to assisting clients in creating and protecting value in the
face of critical business risks and opportunities. Through senior level
engagement with clients, Navigant professionals combine technical
expertise in Disputes and Investigations, Economics, Financial Advisory
and Management Consulting, with business pragmatism in the highly
regulated Construction, Energy, Financial Services and Healthcare
industries to support clients in addressing their most critical business
needs. More information about Navigant can be found at www.navigant.com.

* The information contained in this press release concerning the
report, “Smart Cities,” is a summary and reflects Pike Research’s
current expectations based on market data and trend analysis. Market
predictions and expectations are inherently uncertain and actual results
may differ materially from those contained in this press release or the
report. Please refer to the full report for a complete understanding of
the assumptions underlying the report’s conclusions and the
methodologies used to create the report. Neither Pike Research nor
Navigant undertakes any obligation to update any of the information
contained in this press release or the report.

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